Section 100-A:41-a Supplemental Allowances.
The following supplemental allowances shall apply only to the state fiscal year beginning July 1, 2008 and the state fiscal year beginning July 1, 2009:
I. Any retired member of the New Hampshire retirement system or any of its predecessor systems, who has been retired for at least 12 months, or any beneficiary of such member who is receiving an allowance, shall be entitled to receive a cost of living adjustment, or COLA, on the retired member's latest anniversary date. The amount of such supplemental allowance shall be 1- 1/2 percent of a member's or beneficiary's annual retirement allowance which is $30,000 or less, or otherwise 1- 1/2 percent of the first $30,000 of a retired member's or beneficiary's allowance.
II. The board of trustees shall pay the supplemental allowance to the extent funds are available in each member classification component of the special account. Any such supplemental allowance shall become a permanent addition to the beneficiary's base retirement allowance, and shall be included in the monthly annuity paid to the retired member, or to the member's beneficiary if the member is deceased and the beneficiary is receiving an allowance under RSA 100-A:8, 100-A:9, 100-A:12, 100-A:13, 100-A:19, the provisions of former RSA 100-A:16, I(c)(2) relative to additional contributions, or similar provisions of predecessor systems.
III. (a) The payment of any such supplemental allowance shall be contingent on terminal funding of the total actuarial cost thereof. Such terminal funding shall be from the special account established under RSA 100-A:16, II(h).
(b) No supplemental allowance shall reduce the funds in the respective component of the special account to an amount less than zero.
(c) Cost of living adjustments shall be retroactive to the member's eligibility date pursuant to paragraph I.
Source. 1989, 400:2. 1993, 191:1; 281:1; 340:4. 1998, 287:1, eff. Aug. 25, 1998. 2006, 51:2, eff. April 24, 2006; 178:7, eff. July 24, 2006. 2008, 300:19, eff. June 30, 2008. 2009, 144:242, eff. July 1, 2009.